TradeFCM – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
TradeFCM - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2021
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://tradefcm.com
Founded: 2021
Regulations: Unlicensed
Languages: English
Deposit Methods: Bank Transfers, Skrill, Neteller, Credit Cards, Debit Cards
Minimum Deposit: $1,000
Free Demo Account: Not Offered
Number of Assets: Not Specified
Types of Assets: CFDs on Cryptocurrencies, Shares, Forex, Futures, Indices
Trading Accounts and Conditions
TradeFCM offers its clients the following account types:
- Mini: The minimum deposit is $1,000. Spreads start from 1 pip, and you are offered a 30% Welcome Bonus.
- Standard: The minimum deposit is $2,000. Spreads start from 0.8 pips, and you are offered a 20% Welcome Bonus.
- Gold: The minimum deposit is $5,000. Spreads start from 0.6 pips, and you are offered a 15% Welcome Bonus.
- Professional: The minimum deposit is $10,000. Spreads start from 0.4 pips, and you are offered a 10% Welcome Bonus.
The maximum leverage for all account types is 1:1000.
TradeFCM – Advantages
There are no advantages that we could see in trading with TradeFCM.
TradeFCM – Disadvantages
This broker is a scammer and here are all the red flags to prove it:
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Unregulated Broker
TradeFCM claims to be owned by TradeFCM Markets Incorporated a company that is supposedly based in Glasgow, Scotland. This means that this broker should be regulated by the United Kingdom’s Financial Conduct Authority (FCA).
However, after checking the FCA’s register, which is available online, we could find no trace of this company, or its brokerage being regulated by this authority. And since there is no other information on this broker’s website about its regulation status, we can safely state that TradeFCM is not only not regulated, but that its claims on being truly regulated (the broker has misspelled this claim – TRUELY!) are just lies. Which makes this broker a scammer – on that should be avoided at all costs.
It is wise to remember that brokers that are regulated by the FCA are required by the law to provide protection to their clients. When you deal with regulated brokers, you are automatically enrolled in a compensation scheme wherein if your broker goes bankrupt or is found to be carrying out unlawful activities due to which you suffer losses, then you will be compensated to a certain degree for those losses. Your data and your money is also protected when you deal with a regulated broker. None of these benefits are available to you if you contract with a scammer or an unregulated broker.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Fake Trading Software
Another indication of this TradeFCM being a scammer is the lies it tells us about the kind of trading platforms it offers. This broker claims to offer its clients both the MetaTrader 4 and MetaTrader 5 platforms.
The MT4 and MT5 are the world’s top two trading platforms. Both are created by the same company – MetaQuotes. These two platforms offer their users a wide array of tools that make trading easier, more efficient, and definitely more effective. Both these interfaces are easy to use so that even novice traders can enjoy using the software. And with charting tools, market analysis tools, a massive marketplace, etc., these two platforms are perfect for the more seasoned traders too.
Thus, if TradeFCM were actually offering these two trading platforms, it would have been a huge win for the broker. However, when we clicked on the links present on this broker’s website, we were taken to the demo software that is shown on the MetaQuotes’ website. These demo accounts allow you to see what the MT4 and MT5 software can do but does not allow for real trades to be carried out.
This is just another tactic that this broker has used to attract traders and to con them into investing their hard-earned money with them. The reality is that this broker does not have any kind of trading platform that actually works.
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High Minimum Deposit Requirement
The minimum deposit that you are asked to make to open a basic account with this broker is $1,000. This amount is ridiculously high, especially when you consider the industry average, which ranges from $100 to $250. Furthermore, there are a large number of reputed and regulated brokers who require you to make a deposit that is as low as just $5 to open an account with them.
Thus, even if TradeFCM were properly regulated, we would still recommend that you find another broker to deal with.
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No Withdrawal Information
Despite going through TradeFCM’s entire website, we were unable to find any information related to withdrawals. Thus, we cannot tell you how you can make withdrawals, what the minimum withdrawal limit is (if any), what the withdrawal fees are, their processing time and any other conditions.
This is yet another red flag that clearly is a warning to all traders to stay away from this broker.
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Very High Leverage
This broker offers a maximum leverage of 1:1000, which is a clear indication that it is a scammer. Here’s why. In the UK, the maximum leverage that a broker can offer you is 1:30. The FCA (like many other financial authorities around the world) realized the danger of extremely high leverages, and so they placed a limit on how much brokers regulated by them could offer. So, the fact that this broker offers such a high leverage is just another indication of what scammer TradeFCM is.
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Bonuses Offered
Another red flag to watch out for is the bonuses offered by TradeFCM. Bonuses are promotional tools that have been banned in most jurisdictions since they come with very unfair terms. Right at the outside, this broker boldly advertises its Welcome bonuses.
The danger is here is that there are no terms and conditions related to these bonuses. So, if you do decide to accept a bonus from this broker, you don’t know what you’re getting into. Basically, you’ll be waving your money goodbye.
Conclusion
TradeFCM is not a broker that you should trust – it is a scammer.
TradeFCM
Pros
- None
Cons
- Unregulated Broker
- Fake Trading Software
- High Minimum Deposit Requirement
- No Withdrawal Information
- Very High Leverage
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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